6. Set goals. How to Be Financially Successful in an e-book. License your killer salsa recipe. ......
Transcript of 6. Set goals. How to Be Financially Successful in an e-book. License your killer salsa recipe. ......
December marks that time of year when
we reflect on the past 12 months and what
we can do differently in the New Year to
be more successful. Wouldn’t it be great if,
instead of guessing, the most well-known
and respected experts could just tell you
what that is?
Part of GOBankingRates annual competition to name the
best personal finance expert of the year included gathering
advice from some of the country’s biggest names in personal
finance to answer the question: What can Americans do to
set themselves up for financial success in 2017?
Here’s how 10 of the Best Personal Finance Expert finalists
answered:
1. Stop playing the victim. Americans still see
themselves as victims of the job market, the economy and
the uncertain future of programs such as Social Security
and Medicare, according to Robert Kiyosaki, a successful
entrepreneur who has written a number of best-selling
books, including “Rich Dad, Poor Dad.” This mindset can
be detrimental and prevent you from taking control of your
finances and your life.
“Can’t find a job? Challenge yourself to create one for
yourself,” he says. “Want to start generating passive income
and building assets? Do it! Find a mentor. Start a blog or
podcast. Write an e-book. License your killer salsa recipe.
Or join a network marketing company. You’re smart and
creative and talented ... so use those talents.”
2. Get back to basics. If you’re simply trying to save
more money next year, don’t forget the basics. “It all comes
down to spending less and saving more,” says Coupons.
com’s savings expert Jeanette Pavini. But that doesn’t mean
you have cut your expenses in half or live like a miser to be
successful. “It’s not just the big savings that matter,” Pavini
says. “Change your mindset and realize that no savings is
too small; they all add up.”
3. Give yourself a raise. One of the best ways to grow
your financial success is by growing your income. Emma
Johnson, RetailMeNot’s senior personal finance writer for
The Real Deal column, believes it’s up to you to give yourself
that raise in 2017.
“This might mean mustering up the nerve to ask your boss
for a pay increase, starting a side business or increasing
your billing if you already have your own company,” she
says, adding that you should be socking away at least 5
percent of your total income.
4. Get out of debt. When we asked renowned personal
finance expert Dave Ramsey his advice for Americans
heading into 2017, you might not be surprised to learn it
was simply, “Get out of debt.” The foundation to Ramsey’s
personal finance philosophy, living debt-free is the only way
you can be financially successful, he says. Make it a priority
to pay down outstanding debt in 2017, so you can start
with a clean slate and stop giving away money to interest
charges.
5. Be intentional with your money. Regardless what
you want to accomplish financially, Rachel Cruze, daughter
of Dave Ramsey and successful personal finance expert in
her own right, says it all comes down to being intentional
with your money. “That means creating a budget so you
know where your money is going,” she explains. “This will
help you avoid debt, pay off existing debt and save for the
future.”
6. Set goals. “This isn’t novel advice, but many Americans
don’t follow it,” says Cameron Huddleston, personal finance
journalist and contributing editor for Kiplinger.com. “Be
as specific (and realistic) as possible when setting your
financial goals. Let’s say you want to buy a house. Don’t give
yourself the vague goal of saving up for a down payment.
Instead, commit to saving, say, $250 a month, which you can
achieve by cutting expenses. Transfer the money you save
every month from your checking account to your savings
account until you reach your desired down payment.”
7. Find a partner. Often, reaching your goals requires
enlisting the help of a friend so you remain accountable.
Tiffany Aliche, better known as “The Budgetnista,”
developed the Live Richer challenge to help women
accomplish that 2017. “Work toward specific financial
goals with an accountability partner,” she says. “... Money
management is a team sport.”
8. Open a Roth IRA or 401(k). Sharon Epperson,
CNBC senior personal finance correspondent, says if you do
one thing to change your financial situation for the better,
it should be to save as much money as you can in Roth
retirement accounts. “You could be in a higher or lower tax
bracket when you’re in your 60s, who knows? With a Roth
IRA or a Roth 401(k), after age 59-1/2 you’ll generally be
able to withdraw your money tax-free,” she says. “... You
have until April 15 to make contributions for the 2016 tax
year, too.”
9. Grow your personal brand. Josh Felber, one of
the country’s leading entrepreneurs and business success
coaches, recommends making your brand omnipresent,
whether you’re a business owner or individual. “Can you
imagine how much financial success you would have if you,
your brand and your company could be everywhere all the
time?” he asks. “A great example is Donald Trump or Mark
Cuban. You may or may not like them, but you know who
they are and they both dominate their perspective areas.”
10. Invest in yourself. Finally, when it comes to
personal finance, one of your greatest assets is you – make
sure you invest wisely. “Make 2017 the year that you choose
to invest in your personal self-development, and hop out
of your comfort zone. Learn something new, travel, take
risks, practice your negotiating skills,” says Farnoosh Torabi,
author of three best-selling books, including “When She
Makes More.”
She predicts there will be dramatic shifts in the job market
and economy over the next five years. “Rather than react to
the changing times, plant some seeds now so that you can
be proactive, and stay in control of your career and remain
competitive,” she says.
How to BeFinanciallySuccessful in
10 Money Experts Reveal
If you’d like to find more success with your money,
there’s no time like the present. Make 2017 the
year you take control, set goals and change your
financial life for the better.
Source: US News & World Report